1481: Budget Busters: How to Plan for Unexpected Expenses by Chlesea of Smart Money Mamas

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 30 March 2021

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Chelsea Brennan of Smart Money Mamas tells us how to plan for unexpected expenses. Episode 1481: Budget Busters: How to Plan for Unexpected Expenses by Chlesea of Smart Money Mamas Chelsea Brennan is a hedge fund investor turned online entrepreneur that helps moms make their money work for them and embrace their ambitions, so they can live their fullest lives. The original post can be found here: https://smartmoneymamas.com/how-to-plan-for-unexpected-expenses/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 1481, Budget Busters, How to Plan for Unexpected Expenses
0:08.0	by Chelsea of SmartMoneyMamas.com. And I'm your host and personal finance enthusiast,
0:14.5	Diana Mariam. This is the show where I narrate posts from thought leaders in personal finance
0:20.0	every single day of the year, in 10 minutes or less. This show is actually one of six shows in
0:25.1	our network, covering different topics like personal development, health, and relationships.
0:29.6	So if you like narration style podcasts, be sure to search for Optimal Living Daily wherever
0:35.2	you're hearing this and check out our other shows. Now I have a brand new author for the show today.
0:40.4	I'll tell you more about Chelsea right after the reading. So for now, let's hear our first post
0:45.3	from her and start optimizing your life. Budget Busters, How to Plan for Unexpected Expenses
0:55.6	by Chelsea of SmartMoneyMamas.com There is nothing worse when you're working on keeping
1:02.1	a budget than an unexpected expense. You think you're being responsible, you're even
1:07.4	meal planning, and then the car needs new breaks and outcomes the dreaded credit card.
1:12.7	Back in debt when you thought you were being financially smart. And next, the spiral.
1:18.6	For most people, the biggest problem is that once that credit card sneaks out of their wallet
1:22.8	once, it becomes much easier for it to keep coming out. So how can you break the cycle?
1:29.2	Learn how to plan for unexpected expenses. Luckily, the secret of how to plan for unexpected
1:35.9	expenses is surprisingly simple. There are two types. Expenses you can predict and expenses you
1:42.8	can't predict. For the ones you can, start with an annual budget for that item. Then back into what
1:49.2	you need to put aside every month to have the money readily available when your son grows out of
1:54.0	his shoes again. For the expenses you can't predict, it's time to finally build that emergency
1:59.7	fund. While it isn't the most exciting thing you will do in your life, building a regular expenses
2:05.5	into your budget is one of the pillars of creating a budget that works long term. I've written before
	...

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